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Trkiyes First Direct NYSE-Listed Company, Marti Technologies, Benefits As Ride Hailing Takes Off

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–News Direct–

By Meg Flippin, Benzinga

Ride-hailing is taking off in Trkiye, particularly in cities from Istanbul to Izmir to Antalya, as the middle class grows, the population increases and people trade private vehicles and public transportation for on-demand rides. Marti Technologies Inc. (NYSEAMERICAN: MRT), the leading mobility app company hailing from Trkiye, is capitalizing on that growing demand.

The company, which launched its app in 2019, matches riders with car and motorcycle drivers and operates a large fleet of rental e-mopeds, e-bikes and e-scooters. Marti Technologies reports that it became the number one mobility app in Turkiye in 2020, a year after its application launch, and has retained that position every year since. The company also reports that it has over 4.5 million unique riders on its application, and its ride-hailing service boasts 452,000 unique riders and 100,000 registered drivers. All of Martis offerings are serviced by proprietary software systems and IoT infrastructure.

Trailblazing With Its U.S. Listing

Another important milestone, one that's rare for a Turkish company, is a direct U.S. listing. But thats exactly what Marti accomplished this past summer, debuting on the NYSE. Marti was able to pull off the U.S. listing by merging with Galata Acquisition Corp. (NYSE: GLTA). The deal was first announced in August of 2022, and Marti began trading about a year later.

Marti reports that its NYSE debut was the first direct listing of a company in Trkiye, and it is expected to serve as a model for other companies in Trkiye and the region that want to tap the public markets in the U.S. The fact that Marti chose this pioneering financing model underscores the growth potential for ride-hailing in the country, particularly in the Turkish metropolises. Martis public listing was recognized as the International Equity Capital Markets Deal of the Year by Bonds, Loans, and ESG Capital Markets CEE (Central and Eastern Europe), CIS (Commonwealth of Independent States) & Trkiye Awards 2023. McKinsey & Company, the consulting firm, estimates the taxi market size in Trkiye was between $9 billion to $12 billion as of 2021. By 2030, McKinsey & Co. forecasts that the ride-hailing market could grow to between $15 billion and $20 billion.

Checking Off All The Boxes

When the deal was first announced, Marti said the U.S. listing would help it go after the fast-growing Trkiye market, maintain its leadership position, expand its scale and reach to retain customers and do all of it in an environmentally friendly way. In its first four years, Marti has achieved significant traction for its mobility products, strong growth and best-in-class unit profitability, Alper Oktem, Founder and CEO of Marti, said at the time. We are privileged to have the support of top-tier investors and access to the U.S. capital markets following the closing of this proposed transaction, which will leave Marti well-capitalized to seek to become Trkiyes first mobility super app by expanding into other attractive adjacencies, leveraging our growing and loyal customer base.

Since that announcement, Marti seems to have checked all those boxes and then some, showcasing growth that seems similar to ride-hailing leaders in the U.S. such as Uber Technologies Inc. (NYSE: UBER). Month-over-month in December Marti saw ride-hailing riders grow 19% and registered drivers grow 11%. Both areas grew faster than the company expected, underscoring how big of an unmet need it serves. Given the growth in riders and drivers, the company expects to have more than 700,000 riders and over 120,000 registered drivers by March 31, 2024.

If Uber is any evidence, those double-digit growth rates may continue as Marti establishes itself as a leader in the region. For Ubers third quarter, which it announced in November, the ride-hailing leader posted a 31% year-over-year increase in mobility gross bookings and thats in saturated markets. More importantly, it was able to achieve profitability in its ride-hailing business, the largest part of its operation.

While Marti is currently in a legal battle with the taxi association of Istanbul, the notoriously poor quality of service of taxis in the city clearly suggests that an alternative solution is necessary. The UEFA Champions League final, soccer's most prestigious club event globally, took place in Istanbul in 2023, and the competition's governing body UEFA advised all fans and tourists visiting the city to not use taxis for transportation. The problems endemic to the taxi sector in Turkey range from not picking up locals to charging exorbitant unmetered fees to tourists to verbal and physical violence.

Future Plans And Growth Potential

Marti may be focused on ride-hailing for now, but the company plans to expand into other areas of mobility and services, which will increase sales and improve its bottom line. While it's sporting a market capitalization of around $40 million as of mid-January 2024, Marti recently launched a share buyback program, and there may be a lot of potential. One only has to look at the valuations of some of Trkiyes successful online to offline services businesses including e-commerce giant Trendyol, grocery delivery company Getir and food delivery app Yemeksepeti, for evidence. Trendyol, which is majority-owned by Alibaba Group Holding Ltd. (NYSE: BABA) Chinas leading e-commerce company, which is one of the countrys first decacorns with a valuation of more than $16 billion while Getir sports a valuation of around $2.5 billion and Yemeksepeti was acquired by Delivery Hero in a $589 million deal. Trkiye is reportedly unique in that local players, not international ones, tend to lead in the market and grow organically through investments and via M&A.

Over the years Alibaba has invested $1.4 billion into Trkiye and plans to invest as much as $2 billion more. Given Trkiyes strategic location between Europe and Asia, Alibaba sees Trkiye as the perfect pit stop to fuel the e-commerce giants expansion in Europe. As a result, it has been investing to build up logistics and data centers in key locations in the country. Its not just Alibaba that is eyeing Trkiye for expansion. Shein, the fast-fashion brand, recently started manufacturing in Trkiye, and in the fall, Amazon.com Inc. (NASDAQ: AMZN) opened its first logistics center. All of that could fuel the rise of the middle class in Trkiye and the need for rides in cities, which means potentially more business for Marti.

The ride-hailing market seems to be taking off in Trkiye, and Marti seems well-positioned to capitalize. It's already a leading app and has the name recognition of a U.S. listing and the backing of investors in U.S. markets. It doesnt yet boast the market valuation of its larger rivals in the U.S. and cant claim decacorn status in Trkiye, but that also indicates room to grow. Marti has the pedal to the metal and plans to stay in the lane for the years to come.

Featured photo by Anna Berdnik on Unsplash.

Benzinga is a leading financial media and data provider, known for delivering accurate, timely, and actionable financial information to empower investors and traders.

This post contains sponsored content. This content is for informational purposes only and not intended to be investing advice.

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Shweta Mehta completed ad shoot with BookYourCV.com as Brand Ambassador

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Mumbai, India — BookYourCV.com, a leading name in professional resume writing services, is thrilled to announce the onboarding of renowned Bollywood TV actress and MTV Roadies 2017 winner, Shweta Mehta, as their new brand ambassador.

Shweta Mehta, a celebrated personality in the entertainment industry, recently completed an ad shoot for BookYourCV.com. The shoot, supervised personally by the company’s CEO, Mr. Rajeev Kashyap, marks a significant milestone for the brand in enhancing its outreach and connecting with a broader audience.

Expressing her enthusiasm about the collaboration, Shweta Mehta stated, “I am genuinely excited about partnering with BookYourCV.com. The company’s dedication to helping individuals craft impeccable resumes and their commitment to customer satisfaction is truly impressive. Working with Rajeev Kashyap has been a delightful experience, and I am inspired by his vision and leadership.”

Mr. Rajeev Kashyap, CEO of BookYourCV.com, commented, “We are honored to have Shweta Mehta as the face of our brand. Her charisma, professional journey, and connection with the audience align perfectly with our brand’s ethos. We believe her association will significantly boost our brand’s recognition and trust.”

For over a decade, BookYourCV.com has been providing top-notch resume writing services, helping clients across various industries to create compelling and professional resumes. The company prides itself on having a team of highly experienced resume writers and offers two years of free support to their clients, ensuring continuous assistance and updates.

Shweta Mehta’s endorsement of BookYourCV.com is expected to further strengthen the company’s reputation as a trusted and reliable resume writing service provider.

For more information about BookYourCV.com new video check this.

Please visit https://youtu.be/Ibzr0gumMdQ

Media Contact: Rajeev Kashyap
CEO, BookYourCV.com
Email: [email protected]

About BookYourCV.com: BookYourCV.com is a professional resume writing company with over 10 years of experience in the industry. They offer expert resume writing services with a commitment to quality and customer satisfaction, providing two years of free support to ensure their clients’ resumes remain up-to-date and effective.

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Bei La: A Shanghai Skylark Sings the Song of Walden.

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05a8389dc2503775a3110079eebd0fdCanadian Author Bei La

Canadian writer Bei La, born in Shanghai, recently completed a non-fiction work titled The Tears of the Skylark. This is her first work since she left Shanghai and returned to Canada two years ago. Through a skylark, a farewell song was sung about the prosperity and loneliness, brightness and darkness, disaster and redemption of Shanghai over the past hundred years.

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Mike Medavoy and Bei La

This work was completed during her travels, including the Lake Mochizuki in Hokkaido, Beverly Hills, Concord in Massachusetts, Vancouver Harbour, Niagara Town, and an isolated island on Lake Ontario. This is hertribute paid as the meditation on Henry David Thoreau’s Walden.

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The Cursed Piano

The book records the thrilling journey of her maternal grandfather as a survivor of the shocking Jiangyashipwreck in December 1948, which had a death toll even far exceeding that of the Titanic. She describes her father, who was a military doctor, taking the risk of hiding more than ten ancestral gold bars and jewelry in the soil of his own iron tree during the Cultural Revolution, avoiding the fate of being confiscated but enduring the hardships brought by wealth. She also depicts the extraordinary significance of the Christian faith of her parents’ family to their lives. And she looksback at the distorted era when she was criticized for peeking at world classics in her youth. She witnesses the human nature revealed by the COVID-19 epidemic around the world……

What made Bei La decide to give up her luxurious life in Shanghai was not her experiences during the quarantine hotel and lockdown period, but rather, as a human being, everything she experienced during those special times has passed away with the wind. She left because she was called and pulled by a free soul. When a writer sees desolation amidst the hustle and bustle, yearning for tranquility amidst the clamor, and seeking her own “Walden”in the endless wilderness, she is awakened by literature.

“The farther away from one’s hometown in terms of geographical location, the closer the hometown in literature,” said Bei La.

She wrote in this book: Humans are immersed in a large sphere, gradually shrouded in anxiety, fear, absurdity, nothingness, and despair. In the ever-changing world, the unpredictability of fate has become a human destiny. This is an era that has become indifferent to tragedy. Any pain is futile. When a person is far away from the hustle and bustle, you will hear your own voice, and your soul will return to the wilderness of freedom.

The girl doesn’t speak

But it tells of sadness;

The silence of the river

Only records the years;

Time daydreaming

But it answered everything

This is the skylark singing: “Please give me the freedom to fall deeply in love with someone, give me the courage to embrace you tightly. Please give me a path to explore truth, and give me the power to find light in darkness,even if it requires sacrificing my life.”

“No matter what she has experienced or is currently experiencing,Bei La can always extract beneficial nutrients from hardships and transform them into valuable literary wealth. The light of brightness and hope has not disappeared in her eyes for a second. She stands at the spiritual pole and her thoughts far exceed those of contemporary writers. This is the best annotation that Shanghai Bei La can become the world’s Bei La,” said her literary agent An Boshun.

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French Opera:The Lover of Shanghai

The French opera Shanghai Lovers adapted from Bei La’ novel was accomplished on May 24th at the Fontainebleau Theater. This opera has 13 scenes and is expected to be performed in 2 hours and 10 minutes. The lineup is very strong, reproducing the bustling modernity and true love of Shanghai a century ago. The rivers of this Far Eastern city are full of her spirit of embracing all rivers.

This French opera that reproduces Bei La’s hometown will premiere in Paris and tour the world.

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Bei La

Bei La is a Canadian citizen born in Shanghai. As a contemporary writer of romanticism and humanitarianism, she also serves as a Visiting Researcher for the Institute of Arts and Humanities in Shanghaijiao Tong University. She has published over a dozen novels, including “The Cursed Piano”, “Song of Survivors”, “Sentimental Casablanca”, etc. Over the years, Bei La has focused her literary creation and researches on “Jews in Shanghai”. During the past two decades, she has visited Jews across the world who lived or were born in Shanghai, gathering a large number of first-hand historical materials. The “Jews in Shanghai” series is designed to include ten books. Howard Goldblatt, a renowned Jewish American sinologist, is the English translator of her works. “The Cursed Piano”, the last work of British playwright Ronald Harwood who is the Oscar Winner of Best Screenplay for “The Pianist”, is based on Bei La’s novel of the same name, also known as the companion piece of “The Pianist”. Bei La’s work “Song of the Survivors” is regarded as the Shanghai version of “Gone with the Wind”. “Song of Survivors” is based on the experience of Mike Medavoy’s parents in Shanghai during World War II. Mike grew up and became a top Hollywood producer who is an eight-time Oscar Winner of Best Picture with films such as “One Flew over the Cuckoo’s Nest”. With love and faith as the main thread, Bei La’s works portray the humanitarian spirit of her hometown Shanghai by demonstrating the shared emotions and destiny of human beings, and fleshing out the wisdom and humor of the Jews, who showed tremendous optimism and resilience in the face of misery and uprooted existence. With an eye for love and beauty, Bei La tells the stories of Jews related to Shanghai, spreading the seed of love and faith to the world. In addition to her literary creation, as a music and art lover, Bei La also performed the piano solo “Butterfly lovers“ in a concert of the Israeli pianist Yaron Kolberg, and she once gave a concert at the Shanghai Concert Hall as well.

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Revolutionising Insect Repellents: BiteRepel’s Commitment to Safety, Efficacy and Sustainability

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California, USA – In a world where the threat of mosquito-borne viruses is ever-present, the need for effective protection is paramount. Enter BiteRepel, a game-changing product in the crowded market of insect repellents, known for its unparalleled commitment to safety, efficacy and environmental consciousness. BiteRepel’s unique formula targets mosquitoes’ specific genetic makeup, ensuring that even the newest variants are kept at bay.

Unmatched Safety and Environmental Consciousness

BiteRepel is the first of its kind, meticulously formulated to be both pet-safe and reef-friendly. The unique formula effectively reduces the risk of contracting mosquito-borne viruses while ensuring a healthier ecosystem for all. With the rise of new variants of mosquitoes since mid-2022, traditional repellents like DEET and Citronella have shown limited effectiveness. This is where BiteRepel steps in as your ultimate solution.

“BiteRepel stands out because it addresses the evolving nature of mosquito threats with a focus on both human and environmental health,” says Serene Johnson, Sales and Service Lead at BiteRepel. “Our products are not only effective but also align with the values of eco-conscious consumers.”

Natural and Organic Ingredients

Free from harmful chemicals, BiteRepel is completely natural and organic. The brand offers peace of mind to families and eco-conscious consumers alike. By choosing BiteRepel, you not only protect yourself from mosquito-borne viruses but also safeguard the well-being of your furry companions and the environment. BiteRepel is dedicated to combining safety, effectiveness, and sustainability without compromise.

Rigorous Testing and Proven Effectiveness

BiteRepel’s range of insect sprays and recommended insect repellents are formulated to provide unparalleled protection against relentless pests. Their products have undergone rigorous testing to ensure their effectiveness against the latest mosquito strains, giving you peace of mind in any situation.

“Our commitment to quality is reflected in the thorough testing each product undergoes,” states Drew Carlyle, Quality Assurance Manager at BiteRepel. “We ensure that our repellents are effective against all types of mosquitoes, including genetically modified strains.”

Sustainability Commitment

BiteRepel is dedicated to environmental sustainability. The formula’s eco-friendly and biodegradable nature ensures it leaves no harmful residue, making it a sustainable choice for the environmentally conscious. BiteRepel’s non-toxic, natural, vegan, and 100% organic composition is crafted without harmful chemicals like Picaridin, DEET, IR3535, and Citronella, as well as parabens and gluten. This dedication to purity ensures the product is safe for users and the planet alike.

Innovative Origins

The journey of BiteRepel began with a mission to transform outdoor enjoyment by providing effective protection against biting insects. Driven by a clear objective to create a reliable solution, BiteRepel underwent extensive research and numerous trials. This process led to the development of a groundbreaking formula that sets a new standard in insect repellents. BiteRepel not only repels all mosquito types, including genetically modified strains, but also deters a wide range of other insects and pests. The brand’s focus on innovation, natural ingredients, and user well-being has resulted in a product that ensures a comfortable and safe outdoor experience.

We believe in responsible innovation, which is why our product is not only highly effective but also ethical and safe for the environment, pets, and marine life,” says Jesse Neimus, Assistant Manager at BiteRepel. “It’s a game-changer in the fight against mosquito-borne diseases and a testament to what can be achieved when science and nature work in harmony.”

The Conscientious Choice

BiteRepel is the conscientious choice for modern, eco-conscious consumers who value both personal and environmental health. It’s not just about keeping bugs at bay; it’s about fostering a safer, harmonious and healthier world for all. With BiteRepel, you can finally reclaim your outdoor spaces and enjoy peace of mind knowing that you’re protected against mosquitoes and the diseases they spread.

Perfect for All Outdoor Activities

BiteRepel is the perfect solution for outdoor enthusiasts. Whether you’re hunting, fishing, golfing, camping, off-roading, swimming, backpacking, walking, running, jogging, hiking or participating in other sporting activities, BiteRepel has you covered. It’s also ideal for outdoor events like parties, BBQs, and gardening. Their products work great on flying and crawling insects, including fleas, ticks, gnats, flies, spiders, ants, and other bugs.

A Message from Our Founder

“Our journey started with a personal need and evolved into a mission to protect people and the environment,” says the founder of BiteRepel. “We’re proud to offer a product that not only protects against mosquito bites but does so in a way that’s safe for our families, pets and the planet.”

Join the BiteRepel Movement

Join BiteRepel in embracing the great outdoors with confidence and comfort. Say goodbye to ineffective repellents and hello to BiteRepel – your ultimate defence against mosquito-borne viruses. Don’t wait until it’s too late; make BiteRepel a staple in your home and outdoor adventures. BiteRepel offers affordable, accessible protection that everyone can benefit from. Don’t let mosquitoes dictate your life – take control with BiteRepel and enjoy the outdoors without worry.

Connect with Us

For more information, visit BiteRepel. Follow us on Twitter, Facebook, and Instagram.

About BiteRepel

At BiteRepel, the mission is to revolutionize outdoor protection with effective, easy-to-use insect repellents. Harnessing the power of science and nature, innovative formulas are developed that set a new standard for safety and efficacy. With a relentless commitment to quality, BiteRepel delivers unparalleled protection against mosquitoes, ticks, and other biting insects. This pioneering approach empowers a life unrestricted by nuisance bites, making the outdoors more accessible and enjoyable.

Our formula is a testament to our values of responsible innovation, combining effectiveness with ethical considerations. By choosing BiteRepel, you are not only protecting yourself from mosquito-borne viruses but also contributing to a healthier planet. Join us in embracing the great outdoors with confidence and comfort, knowing nature’s best defence safeguards you. Choose BiteRepel for peace of mind and unparalleled protection.

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Organization: BiteRepel

Contact Person: Jesse Neimus

Website: https://www.biterepel.com/

Email: Send Email

City: Diamond Bar

Country: United States

Release Id: 27072414822

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